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of the plan will take money from the depositors. cyprus has an economy the size of vermont but the assets eight times more than the country's gdp. therein the financial woes come as no surprise to analysts. listen to what alan greenspan said friday. >> europe has been hanging over the american markets for quite a while. the removal of that risk, i think temporarily, i think it is only temporary, has enabled the underlying forces of the market to begin to come into vision. >> and today, the clearer vision that greenspan referred to was clouded the cyprus, we have the report by cyprus matters. >> reporter: cyprus is a smaller island with a smaller economy. but now they're watching what happens in the tiny mediterranean nation. >> it's a tiny nation. the reason we care about it is of course cyprus like it was in greece. it's what it means for the bigger nations if they follow and go down the same bath. >> banking is a huge part of cyprus' economy. and it's a mess. if it fails the country will probably fail, too and the european union will not let the country fail. here's the thing, the bigge
the same bath. >> banking is a huge part of cyprus' economy. and it's a mess. if it fails the country will probably fail, too and the european union will not let the country fail. here's the thing, the biggest payers are the russians. >> they don't want to bail out the depositors because they are mainly russians. that's what the issue is. >> so finance makers said depositors are going be compensated. but with the stock market down some 60 percent those chairs are essentially wortless. >> the blanks are closed and won't open until votes on the bailout measure. people are waiting in lines at atms to withdraw money from their accounts and countries are worried around the world that citizens would take money out of their banks that's why even the most seasoned wall street veterans watching what happens in the tiny island in the mediterranean. for "nightly business report" i'm sue herrera. >> so what does it mean to american investors? we turn to the ceo of pimco the world's largest bond fund. i asked if the situation in cypress is unique or is it a serious issue for the u.s.? >> it is mai
economy, and bring down energy costs. the budget also promotes economic growth, job creation, supports research and development in the energy sector, and moves america to a more energy independent state. it expands oil and gas development, which could generate a half a million new jobs and $14.40 trillion in increased economic activity. by preventing or delaying domestic energy exploration, the obama administration has driven jobs overseas. in this budget, the house republicans in the subsidies, -- support for this budget translates into a response will plan to grow our economy and create jobs. i yield back my time. >> i would like to yield two minutes to the gentleman from indiana. >> thank you. what we are doing here today, people in america are hurting. too many parents have come home and tell their children they do not have a job. washington has refused to make the tough choices necessary to jump-start a healthy economy to create jobs and opportunity for every american. we hear a lot from the other side of the aisle about a balanced approach. there is not much balanced about a budg
blockbuster retail sales. this economy is stronger than you think. that may be a triumph. president obama says there's no immediate debt crisis. he thinks we're clear for the next ten years. sir, are you sure? we'll have the details four on that debate and doesn't forget free market capitalism is always the best path to ross peter. later in the show we'll show you a violation of it that blows my mind. i'm kudlow. we'll be right back. revolutionizing an industry can be a tough act to follow, but at xerox we've embraced a new role. working behind the scenes to provide companies with services... like helping hr departments manage benefits and pensions for over 11 million employees. reducing document costs by up to 30%... and processing $421 billion dollars in accounts payables each year. helping thousands of companies simplify how work gets done. how's that for an encore? with xerox, you're ready for real business. see lioutdoors, or in.ight. transitions® lenses automatically filter just the right amount of light. so you see everything the way it's meant to be seen. maybe even a little bett
. treasury secretary said he doesn't think the markets are in a bubble right now and that the economy is recovering. >> we still have a lot of work to do. there doesn't seem to be any push to create a crisis over the debt limit or shutting down the government. i think that's helpful. we've had economic data come out for quite a while now showing we have a resilient economy growing. >> retail sales were growing. they came in better than expected for the month of february rising 1.1%, the best number since september. analysts were worried about the impact of gasoline prices and increase in the payroll tax for us but consumers still spending money. important that makes up about 70% of america's economic growth. if you're looking for something new to buy samsung will be happy to oblige vowing galaxy 4, 5 inch screen, larger battery and a screen you don't have to touch but hover your fingers over. it's the main competition. >>> with markets setting new records every day and federal reserve meeting next week, what could happen next and what should you do with your money. randy kroszner, the
to be fiscally responsible and reduce the deficit. to make velft to grow our economy and to meet our obligation to our seniors, to our families and to our future and the republican budget fails all three. republican budget threatens our nation by undermining our economic growth and by shifting the financial burden for the deficit, and the deficit reduction, to our seniors and the middle class. republicans have made their choices clear, end medicare as we know it, adding costs to seniors today and ending the medicare guarantee tomorrow, slashing investments necessary for economic competitiveness and giving millionaires an average of $400,000 in tax breaks. republican budget eliminates protection for millions of our sickest seniors who depend on nursing home and home health services and republican budget will increase taxes for average middle-class families by $3,000. their choices will cost two million jobs next year alone and decrease economic growth by 1.7%. in contrast, the democratic alternative present serves -- preserves the medicare guarantee and makes investments in education, innovation
to the economy. the economy needs financial assistance from the outside from the european union and i'm afraid the people running the show presumably the germans in the first instance have decided greek depositors should take a hit. the way that played out at least over the weekend was all depositors would take a hit of some kind no matter how small their deposit. it sales to be now an attempt to back away from that and focus on people with deposits over 100,000 euros targeting in part russians who hold a large amounts of money, claims on those cyprian banks. >> rose: when that happened what was the talk in the financial community citing your com a couple quotes one from dennis gotman the binging has been shaken to its roots. the banking depends on trust. he wrote a note to his clients trust that has now been shattered, broken and destroyed. jim o'neal at goldman sachs says astonishing with very little thought of containing. >> bailout 101 is you want to keep the money in the banks. you want to avoid a run on the banks. you want to avoid where people are standing outside wanting their cash be
to jump-start the economy, not just the stock market. let's go to nicole petallides at new york stock exchange. david: let's start, nicole. we start with fedex it was an extraordinary run-up. it was in the $100 range. it pulls back quite a bit. this is the biggest pullback since 2011? >> certainly is, the biggest pull back since 2011. concerns globally and also going to cut down what they're shipping over it asia. lauren: how is oracle looking ahead of their earnings release, nicole? >> we're watching oracle closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to talk. looked like they were sliding a bit. they stopped that slide. trading this the 50 to 60-point range on the dow. the s&p is doing better percentagewise. nasdaq is doing well. russell 2000, small and mid-sized caps doing well. there are interesting company stories and sect
laugh. we'll get his prediction where natural gas prices are headed next. >>> not even a down economy can crush rock and roll. legendar kiss rockers gene simmons and paul stanley kick off a big expan shun of their restaurants. they're here in first on fox interview to tell us why now is the time to bet on the consumer. even when they say it's not it is always about money melissa: first let's turn to today's market moment. fears over cyprus's bailout led to a choppy day of trading on wall street. the dow managed to eke out a slight gain wi the nasdaq and s&p 500 posting minor laws. the s&p fell for thehird straight seson. that is the worst losing streak of the year. microsoft could be in some hot water with the justice department. microsoft and some of its business partners are being investigated over a foreign bribery claims. government officials in china, italy and romania were allegedly bribed to earn software contracts but shares of microsoft still managed to close the day up slightly. >>> all right we start tonight in cyprus. th parliament rejected the tax on bank deposits, potent
money into the economy? they let us know the exit plan for all of this. melissa: taxpayer outrage, bankrupt city in california paying out a million dollars in pay raises. they are bankrupt. lori: and paying races? crazy town. fedex says more customers are taking a less expensive option and it is hitting the bottom line. melissa: the cyber threat hit by online hackers putting financial firms here on high alert. but first, time for stocks now. nicole petallides is standing by. stocks posted solid gains ahead of the fed decision. nicole: that is right. everybody focused on the fed about an hour away from now. very accommodated if fed, and we're watching a market hitting new all-time highs in the dow jones industrial. of almost 56 points at the moment showing you some names that hit some highs today including nativ united technolo. hitting the highest levels we've ever seen for those names and we cannot leave out verizon. the highest levels we'v we haven in over 11 years. so while the shareholders have been enjoying great dividends, they can now also note multi-year highs as well. as
national debt is bigger than our entire economy. unless we change course, we will add another 9 trillion over the next ten years to our national debt. that debt will weigh down our country and our economy like an anchor. at some point, lenders will lose confidence in us. they will demand higher interest rates. and when they do, interest rates across the country will skyrocket on credit cards, mortgages, car loans, families. as interest rates rise, debt payments will overwhelm all other items in the budget and the debt will overwhelm the economy. our finances will collapse, the safety net will unravel and the most vulnerable that is who suffers the most under a debt crisis. a debt crisis would be the most predictable disaster in our history i look back at 2008 like it was jerds sometimes and i remember seeing all the all that was happening and i remember the panic meetings with the treasury secretary and looking back we can see what happened but at the moment it was a crisis that hit us like surprise and look what happened at the meantime look at the trillions of dollars of wealth loss, l
on the pulse of the economy and consumers. landry's is one of the country's largest estaurant and gammably companies. he is here to tell us where he sees the biggest headwinds and opportunities right now. >>> call it the anti-student loan. investors will pay school costs for a piece of student's future income. isn't that interesting? can this help solve the student debt crisis? the ceo behind it will explain this break through because even when they say it is a not it is always about money melissa: first today's market moment. the bulls are back in the driver's seat. the fed says its policy to stimulate the economy will continue and investors breathed a sigh of relief. dow came close to setting a new record high. the nasdaq marched back toward a 12-year high. the s&p 500 finished less than seven points away from its all-time high. here is who made the big money, proctor & gamble, chevron, travelers and johnson & johnson and united technologies all closed at all-time highs. congratulationses if you own those stocks. >>> all right. our top story tonight how the government in cyprus is make b
security at this time is not the deficit. it is the economy. it is the lack of jobs. it is a future where the u.s. cannot compete with its global peers. this will bring us closer to that scenario. chairman ryan and i share wisconsin. this is a blue-collar county where people are proud of the work they do and they want to be working. but they are struggling. four years ago, 2000 employees lost their jobs. a company announced they were shutting down. we do not help them or america when we keep tax incentives for companies to ship jobs overseas instead of incentivizing companies to hire in wisconsin and in america. we do not help them when we cut programs and raise taxes on the middle class so we can lower the tax rates for the top earners in this country. that seems to be what we received in the budget that is on our guest today. budget should reflect values. what we need to do is focus on economic growth and how to get the people of america back to work. we need a real path to prosperity. when we invest in infrastructure, research, development, small business loans, we can increase competi
our ailing economy and certainly not the answer for the hardworking folks back home in wyoming. when you start with one party doing the drafting and those who wrote the budget hold the majority on the budget committee, you can expect the bill to be one-sided. if you keep on doing whatever you a been doing, you can expect to get the same results. unfortunately, i believe that's what we'll see this week as we debate the budget here on the senate floor. the majority kept us in the dark on the budget until the last -- until last wednesday evening. we had to present our opening statements in the budget committee before we even sue the budget the majority -- even saw the majority the budget would offer. i do have to say in the defense of the majority that that's the way it's been for several years, both when the republicans were in charge and when the democrats are in charge. thea's thacharge that doesn't mean it is right. you have to share it. so then we had to turn around and start voting on the amendments the next morning in the budget committee and we weren't part of that process, beca
, growing the economy, strengthening the middle class and reducing the deficit. our proposal puts people to work this year with specific and targeted investments, while investing also in education, energy, research and infrastructure and keeping our commitment to america's seniors. our plan is fair, balanced, reasonable and responsible. it is pro-growth, pro-people, pro-america and approach favored by the majority in this country. i yield back the balance of my time. mr. horsford: thank you, congresswoman bass. and to focus on jobs and investing in our future, the fact that is pro-growth, pro-people and 70% of the american people support this type of approach is why the c.b.c. is offering this as an alternative to the house republican majority. and to speak further on the pro-growth needs of this budget, my representative -- my colleague, i should say in the new freshman class. it's been a delight to get to know her, the gentlelady from ohio, representative beatty. mrs. beatty: thank you so much. thank you, mr. speaker. i rise today to discuss house budget committee chairman ryan's fisca
in a way@ that does not expose the economy to rest in does not require a taxpayer bailout. i think that the tools are in place to do that. again, it is a matter of using those tools. there are couple of things that the regulators need to do. they need to have these banks to restructure themselves to make them simpler so that they are easier to break up. as a work in progress. they also need to force them to issue more long-term unsecured debt that would be available for lots -- loss absorption of four of them fails. the starter capitol requirements but we also need minimums for long-term debt as well. and that would make them more resolvable and also, level the playing field between the cost and the smaller institutions. melissa: people walk around now and say to big to fail is alive and well. nothing has really changed. to you agree? >> i think we are making progress. the rating agencies have downgraded some what the mega banks. they still get cheap funding when the go to the market. much cheaper than the smaller banks. we have made progress. my former agency has come forth with s
company with extraordinarily small economy. the fact it would precipitate a run with the greek banks or italian banks and bring down the entire system in europe, fumbling along, kicking the can down the road is really pretty fried and we know from experience these events, whether in the balkins with the shooting of an arch duke or whether in cyprus with the shooting of a banking system can lead to fairly significant consequences for the entire european continent and us. >> so far, the worst-case scenario hasn't happened yet. so far. that's good. let me ask you, steve forbes. do you believe that the united states can make itself immune? are we strong enough economically, and financially, to withstand the kind of worst-case scenario that senator gregg discussed? >> the answer is no. we should have learned that from 2008 when these dominos start to topple. it hits everybody. and this is what is so inexplicable. why did the germans draw the line on this, for sheer domestic political reasons. they don't want to be bailing out russian oil gargs. they have an election this year. they have k
jobs and improve the economy in every one of our districts, in every state in the union. i would turn, if i could, to my colleague, mr. polcan, who has some of the rations. >> i am glad you brought this amendment forward, mr. blumenauer. when i was on the joint committee on finance, we were the only committee in the country that had to approve every single dollar that came through from the recovery dollars. in our state, every single dollar came to our committee. i got to see exactly where those investment dollars went to our transportation projects. we had a report at the time from the road building and vertical construction industry, not your most left-wing organization, that said 54,000 jobs were saved or created in wisconsin because of that investment in infrastructure. i remember sitting in this very room and i asked dr. elmendorf that same question. i said is it true, and he set up to 3.3 million jobs were saved or created because of those recovery dollars. i can tell you in wisconsin, we saw the benefit. it came from the private sector. we saw the benefit for small businesses -
are eliminated among tpp member nations, the japanese economy would benefit. an the prime minister said now is the last chance to join the talks. he pointed out that the negotiations started two years ago. and he said it's clear any rules participants have already agreed upon would be difficult to reverse. abe stressed japan is for now just joining the talks. he promised to work out an agreement that suits the nation's interests and use japan's negotiating power to secure for certain sectors such as agriculture. abe said many countries are opening up their markets including the u.s., nations in europe and emerging economies in asia. he said if japan misses the opportunity to join the tpp, it will inevitably be left behind. the man who has previously served as general counsel of the office for the united states trade representative made a positive comment on japan's decision to join the tpp talks. >> i think the united states has long wanted japan to join tpp. there are benefits for us from a strategic point of view from the standpoint of u.s./japan alliance. there are strategic benefits. an
tryg to time thearke gyrations. >> overall you think the stronger than expected economy is what is going to power the market to higher levels, to that 1700 that you see in the s&p 500. but which specific sectors of the market do you think will lead the way? >> well, i like most of the cyclicals better than the defensive stocks, tyler. i think as the market keeps going higher, more and more people are underallocated to economic sensitivity. so i really like the manufacturing stocks, the industrials, and the basic materials. i think the financial stocks ve done well and wil coinue to dwe. an i would look at trying to put a little bit into technology stocks that have been really bad for the last year. i think i'm seeing confidence in ceos rise and capital spending going up, and i think that sector could come to life yet in the second half of this year. >> jim, as you know, federal reserve policymakers are meeting on tuesday. do you -- nobody is really expecting any significant change in policy. but do you expect any change in tone and conversation? and how might that impact investo
brands think of the economy and the american consumer? susie sits down with the top man at coca-cola. all that and more coming up right now on "nbr." good evening and welcome to our public television viewers. susie, once again, little cyprus making big economic noise today. >> you're right, tyler. actually a big win for citizens in cyprus. lawmakers rejected today an unpopular and unprecedented proposal to tax bank deposits. it was part of a larger eurozone bailout plan to rescue those banks and keep the nation solvent. the crucial vote came after a wave of protests, and as cypr t cypriots scrambled to withdraw cash from their atms. bertha coombs joins us with more on today's historic vote and what's ahead for cyprus? >> what's ahead is a very big question. the world was watching the tiny island nation again today, in a show of hands-on opposition, party members voted no on a tax and 10% of bank deposits, a condition set by eurozone officials to secure 10 billion euro bailout. many called it extortion. ruling party members abstained saying beyond saying no they need to find another plan.
affect the u.s. economy. presumably including cyprus. as well as the improving u.s. job market, and strong housing sector. and as we wait for fed officials to wrap up their meeting tomorrow, it's expected they will leave interest rates unchanged. joining us to talk more about the fed, randall krosner, former fed governor and now professor of economics at the university of chicago. i've not had the benefit of being in those meetings. you have, and i'm curious to know, do you think cyprus came up? if so, how? and how would the fed governors and members of the fomc handicap its possible effects on the u.s. economy? >> it certainly would have come up, i think, if some analogies with iceland from a number of years ago. even a smaller country, only 250,000 people, not a million people, but it was something that we focused on. we worried about and tried to think of what the implications are. here it's clear the europeans have made i think a terrible mistake in making this proposal. that potentially could undermine confidence, and that could have knock-on effects not only for the whole
part of the economy that's being left at a tivitate now, and where's the exit strategy? >> and i think revenue could be an issue. oracle is out with its third quarter. revenue came at 8.6 billion versus 9.3 billion, an estimate. jon fortt has all the numbers right now. >> let's drill down to some numbers, maria. exactly where oracle missed, because this is a miss. on new license and cloud revenue, the street was looking for 2.57 billion. they came in at $2.3. on hardware product revenue, the street wanted somewhere around $800 million in research. they came in at $671 million. that's well below their guided range on that. and on non-gap operating margin, they came in at 47%, which is right about where the street was looking. they don't give guidance until the call, but this is really important, because they're guiding into their biggest quarter, their fiscal q4. also, larry ellison has said the hardware business was going to have a transition quarter in q3. we should expect to start seeing it growing in q4, given this hardware number, it's going to be especially important for them to b
to give the state all of our resources which would be at least 3 billion euros to help the economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initially we know that banks were going to be closed up until tomorrow but at this point there's a lot of speculation that banks will be closed up until tuesday because monday is another bank holiday and at this point it's very, very uncertain that we'll get a viable plan b to get the bailout deal in place at this point it doesn't look like we'll get it by tomorrow. at this point we are expecting that banks are going to be closed for a little bit longer. of course that
to share with you some views of the economy from our 54 respo respondents. firming housing prices are a game changer. there is something much more self-feeding about recovery this year. could be a turning point. the objepposite from john rober. we believe a recession/economic slowdown is a possibility in the latter half of 2014 or early in 2015. some of the excesses that could cause a recession are beginning to build in the economy. another piece of data, the biggest problems facing our economy, taxes/regulation, 29%. i would say that's a victory given that europe is not in there for fear of recession is not in there. too much deficit reduction, 16%. slow job growth, 12%. too little deficit reduction, 10%. guys, these are more normal problems, i would say, than we've had in the past. the european financial crisis, u.s. financial crisis. sue, i would take a victory, yes, there are problems out there. >> i totally agree with you. it's the first time in a long time we haven't seen europe on a list like that. >> thank you, steve. >> absolutely. thanks, steve. >> sure. >> the markets h
idea. i mean, if you look at cyprus' economy, there are two major factors to that economy. tourism and financial services. you could kill the financial services immediately right there. so it's two underpinnings. almost like when greece was doing smo of the same things. >> but you say it matters because it could spread elsewhere? >> just the thought that somebody thought this was a good idea is scary enough to me, i would think. but it's going to be one of those things. we'll have to watch and see how it folds out. but i've got a feeling it will have to turn itself around fairly quickly. >> michael, what do you think? have you changed any of your behavior in terms of allocating capital, as a result of what we've seen in the last 48 hours? >> no, not really, maria. i still think that cyprus is certainly something to watch. but i think it's just part of the negotiation process, exactly what's happening in greece. we have to watch and see if it accelerates and this idea sweeps around europe, but i doubt that's going to happen. i actually think that europe is starting to present some o
by foreign media organizations. i think there are two main concerns. first, whether the chinese economy will continue to grow sustainably. and secondly, whether a stronger china will become more assertive, and even -- [inaudible] [speaking chinese] [speaking chinese] >> translator: i think these two concerns are really necessary. china is capable of achieving sustainable and a healthy economic development, in pursuing social progress. and that are more than 1.3 billion people in this country so we are on a long journey towards modernization. for that we would require an international environment of lasting peace. even if china becomes stronger, we will not seek edge me. because we have learned from our own experience in the modern period that one should not impose on others what he himself does not desire. this is an article of faith for us. [speaking chinese] [speaking chinese] [speaking chinese] >> translator: let me underscore here that china has an unwavering commitment to peaceful development. we also have an unshakable determination to safeguard our country's sovereignty and terri
think it depends on how fast the economy is moving. if the fed is able to engineer the customonsumer taking over, they can back up. i don't think it affects the market. if the economy is not moving at 3% or faster, then it will back up. >> rick santelli, the economy not moving at 3% or faster is what michael crofton is talking about. when do you expect that kind of growth? >> you know, i think growth is going to remain well under 3%, 2.5% to 3% for a while. and i think any type of calibration change between the interest rate complex, whether it's through the market forces or it's through the federal reserve, any type of recalibration is not going to be received well by equities. no matter if you think 10 to 50% of what's going on in equities is the real deal with a better economy, and you believe the balance is the fed, no matter what it is, it's been pedaled to the medal. and once the recalibration hits, i don't care when it hits, it's not going to be pretty. so, therefore, i don't predict that the fed is going to do it voluntary. and i think in europe, there could be an arch duke f
trillions of dollars in economy to fight global warming because it's going to get one degree warmer in the hundred years, we shouldn't worry about the deficit that never stops. it is a crisis and immediate crisis and should be honest about that. >> neil: dagen, he was saying in and of itself a balanced budget isn't the goal. it's getting to that but not at the expense of blah, blah. but in saying that spending not a problem and harry reid said don't touch entitlements and nancy pelosi don't raise the medicare retirement age and we don't have a spending problem either, i put a lot of that together. >> right. my favorite little gift of the president was $100 billion in the budget and they don't say freely raising new revenues through taxes in this budget. it's about $1.5 trillion in new tax revenue on top of the $600 billion in higher taxes earlier this year. that is on top of the more than $1 trillion in obamacare taxes. >> neil: and that doesn't balance anything? >> this is blueprint for what the president wants and what all democrats want, that higher taxes, more taxes and they are
, it has taken us 40 years to build our economy to the level it is. with done one day -- within one day, we have shot it down. we are very betrayed. >> they can do it anywhere. live in europe, europe has betrayed us. >> at one stage, the crowd was urged to march towards the presidential palace. many people believed their savings had been guaranteed. what is clear is that the bailout deal negotiated in brussels cannot be implemented here except in the face of furious opposition. will have depositors to pay -- just reducing the amounts savers and depositors will have to pay probably won't be enough. teeple are still trying to get their money out of cash machines, but there are limits on how much they can withdraw. a parliamentary vote on the bailout has been postponed yet again. the government feared it might not win a majority for the bailout. without extra funding, cyprus faces bankruptcy. the british community around -- the british community, around 60,000, is also assessing its losses. cypriot friends are in shock. >> they felt as though someone had put their hand in their pocket and take
food assistance to kids in this country and funding for r&d will drive our economy, but we can't appropriate a sum of money to fix the real cost of iraq. can't pay back the lives of 4,486 american men and women who have died there or the roughly 2,000 broken soldiers who came home and took their own lives. the wounded, physically and mentally, the soldiers who didn't know how not to be a soldier, the families living with a hole in their hearts and the families living with someone they no longer recognize. 10 years leaving their families, living in hell, coming home to unemployment and the homelessness, to a country that's forgotten that it's at war at all, to a country that seems to think a yellow ribbon magnet on their bumper is the only kind of support that oir troops need and the cost in iraq, untold deaths. let me rephrase that. unknown deaths. we can only guess at the destruction that we have left in our wake. 115,000 iraqis, 600,000, you can find the number, what was the long-term impact of that on the environment, the water and health? what happens when someone lives in
and the new fed forecast for the economy. and the stocks we're focused on this morning, blackberry getting an upgrade at morgan stanley and a note titled why it won't go down and it gets into the best buy bull camp, and calling it the best near-term idea in the sector. let's get straight to fedex. the package delivery company says it earned $1.23 a share in the fiscal third quarter and below wall street forecasts. fedex says the customers were choosing slower transit services. this does happen, of course, after a massive run in the transports. >> one of the things that amazes me about fedex is they keep missing and they get loved a few days later. missed and gets loved. it's still regarded as being a profit machine. they have this restructuring that people like very much. people feel it's only a matter of time before someone steps up to the more expensive freight. to me, my charitable trust owns ups. ups has the expectations lower. scott davis always says negative things. >> melissa hit the nail on the head. the stock had a big run and the two guys were going head to head over what was in
here. you've got the good economy. tremendous housing numbers, miraculous retail sales, terrific oil and gas markets. you have the bad economy. weakening commodity prices. slow commercial real estate business. really bad world commerce outlook. real soft information technology sales. you mix them all up together and you get the absolute perfect environment for the fed reserve to stay stock market friendly. that's what happened today. ben bernanke allowed the averages to power higher. the s&p rising today, nasdaq jumping 7.8%. it's not sleight of hand or alchemy at work here, despite what critics say when they constantly slam the fed. >> boo! >> bernanke is not playing a game of move the stock market higher by simply continuing to keep the competition in bonds incredibly weak. he's got a real good reason for doing what he's doing which is staying the course, keeping rates low. that reason? 1937. see, ben bernanke is a rigorous guy. he's a professor. and a genuine scholar of american financial history. it's what he does best. he knows that 1937 after three years of 12% economic growth
a little bit. >> that's a good point. for a long time the bears have been insisting that the global economy is not as healthy as this teflon stock market in the united states would indicate, and now they've got some ammunition. two companies from fed ex and from caterpillar. now, caterpillar had dismal three-month sales numbers. really shocked a lot of people. fed ex, of course, had disappointing earnings situation, lower than expected international volume. now people are saying, see, we told you. here are who big companies who are saying it's not as big as everybody said. deere got a downgrade from wells fargo. i'll talk more about that in the 2:00. a little bit of good news on housing. keeps rolling along. lenore, 34% increase in building. >> we'll see you back in a few minutes. ty, we'll send it back up to you. >> thank you very much. bob just gave you a very clear shot at the market picture, so what's driving it? well, obviously three developing stories and we're going to cue you in on all of them right now. the fed, steve liesman is in washington. russia's financial overtures toward cy
chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail giant sees shares dip despite reporting solid profits and senate democrats tee up to reveal their own budget plan. straight ahead on the program, can the dow close at a high for a record ninth day? we'll preview the u.s. trading session when we come back. stay here. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how b
's face it. cyprus is a small economy. the smallest thread can unravel the entire tapestry of the euro zone. the size of cyprus is not the point here. the point is the principle, precedent and risk of contagion spiralling out of control. >> that's how we see it here. thank you, charles dallara. now it's time to ask the money question. will cyprus and the eu woes kill our economic optimism? we'll debate that next up. the real loser could be crooked russian billionaires whose money-laundering operations in cyprus run the country. that's why vladimir putin is so angry about this bank tax. feel like capitalism may be the best bet to prosperity, but there is not one ounce of free market capitalism in this cyprus story. i'm larry kudlow. we'll be right back. [ female announcer ] what if the next big thing, isn't a thing at all? it's lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. ♪ it's going to be amazing. and exciting. and maybe, most remarkably, not that far away. we're going to wake the world up. and watch, with eyes wide, as it ge
times the size of its economy without having some kind of bail structure in a solution, it becomes very difficult. and i think that understanding is quite clear among investors. so from a longer term perspective, i think there's a positive element here which is a more substantial bailin in this solution. >> valentin, what kind of exposure do you have in europe at this point and what changes have you made in regard to how the cypriot levy is handled? >> it is creating a bit of uncertainty. clearly, it comes from lingering uncertainty over the political situation in italy. so all in all, it makes the bit more cautious on europe. not so much on our overall willingness to take risks. we're still overweight global real estate, but we have still put down our exposure in europe, so we are now under weight european equities. we are cautious on peripheral bull markets and european fixed income space. so that is the main changes. still on the regional allocation that we have, but not so much altering our overall willingness to look for risk. i think in general, the broadening of the global cycle
's an means to the end. we want to revival upper mobility and growth in this economy. >> senate democrats are going to release their own spending plan after calling the republican proposal unacceptable. it will call for about $1 trillion in new revenues by closing tax loopholes and about 1 trillion in spending cuts at the same time but no structural changes to medicare and the question is will that get -- do either of these plans get anybody anywhere or is everyone talking to themselves? >> they're talking to themselves. we discussed it yesterday. in the last negotiations you still have the fact there are republicans who think that the republicans gave too much and then there are democrats who think that the democrats didn't get enough. so you have those clashing interests. >> i think what happened in january kind of derailed everything because by having these incremental advances instead of a grand bargain throws off the possibility that you do get the grand bargain. you see both sides digging in making sure they respond to their base saying the types of things that their base wants to h
coming up. in the next hour we're going to be talking the economy and the dow with jennifer ericsson from the center for american progress, and then we'll talk about cpac and james homan was at cpac and he'll be here in studio with us. the president is kind of kicking back this morning. he has private meetings in the morning, getting the daily briefing and then at 4:40 this afternoon we'll be delivering marks at a women's history gathering. another hour of the "full court press" coming up. [♪ theme music ♪] >> bill: good morning, everybody. itit i is s mondayayararchch 1 18th. welcome to the "full court press" here on current tv. we're bringing you up to date on all of the latest developments here in our nation's capitol, around the country and the globe, whatever is happening we'll tell you about it. and you get to tell us what it means to you by giving us a call at 866-55-press, joining us on twitter @bpshow, and there is a civil war among republicans. sarah palin said karl rove if he's so smart he ought to go back to texas and run for office, and karl ro
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